- Breaking the $3,800 resistance could propel Ethereum into a long-term bull run, with targets as high as $4,500, supported by strong metrics like IOMAP.
- While risks exist if ETH falls below $3,505, market sentiment and Van de Poppe’s analysis remain bullish, anticipating momentum into 2025.
Ethereum is testing a key resistance zone at $3,800, which could serve as a springboard for its price resurgence. Michael van de Poppe, a well-known cryptocurrency analyst, has suggested that if ETH manages to break past this level, it could resume its bullish trajectory, potentially carrying momentum into 2025.
Based on a recent CNF revelation, the prediction of a major bull run for Ethereum Classic in 2024 aligns with Michael van de Poppe’s confidence in Ethereum’s (ETH) ability to sustain its ongoing bull run, even after its recent struggle to hold the $4,000 level.
$ETH actually provides an excellent opportunity to accumulate.
Standard correction after testing a new resistance area.
I expect we’ll continue to run from later this month into the new year. pic.twitter.com/zFSwvtFvDH
— Michaël van de Poppe (@CryptoMichNL) December 11, 2024
Currently trading at $3,929.46, ETH has surged by 7.39% in the past day and 2.17% over the past week. Van de Poppe views Ethereum’s pullback as a natural market correction and an ideal opportunity for investors to accumulate ETH at discounted prices.
Key Metrics Indicate Bullish Potential
Supporting van de Poppe’s optimistic outlook is the In/Out of Money Around Price (IOMAP) metric, which highlights strong support for ETH at its current trading range of $3,715. This data suggests that buyers are active at this level, setting the stage for a potential price increase.
If Ethereum overcomes resistance between $3,830 and $4,274, the asset could climb to $4,096 and possibly $4,500 in a best-case scenario. However, this outlook depends on increased trading volume and the ability of bulls to prevent ETH from falling below its crucial support at $3,505.
Risks and Outlook
While the short-term correction is not unusual, van de Poppe warned that failure to maintain the $3,505 support could lead to a significant drop, potentially retreating to $3,182. Despite this risk, market sentiment remains largely positive, and many analysts, including van de Poppe, expect Ethereum to regain its upward momentum later this month.
The broader consensus points to a sustained bull run as ETH continues to solidify its position as a leader in the cryptocurrency market heading into 2025.
Recommended for you:
Credit: Source link
